Finnish Chemicals MD Smith resigns, replaced by Fearn

05 August 2002 15:05  [Source: ICIS news]

LONDON (CNI)--Finnish Chemicals said Monday that Steve Smith has resigned as managing director and has been replaced by Peter Fearn.

Fearn, who has spent the last 15 years with UK-based firms Laporte and Courtaulds, was not immediately available to comment on his plans for the company. However, a Finnish Chemicals official confirmed that the initial public offering (IPO) was "still a plan but the market situation is not favourable at the moment".

Finnish Chemicals said in a statement that its major shareholders, HSBC, Prudential and MB Funds, "confirm their continued support for the company and reiterate their intention to further develop the business".

The company, which supplies chemicals to pulp and paper industries, said Smith has left the company to pursue other investment opportunities.

By: Anna Jagger
+1 713 525 2653

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